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commercial real estate services vancouver bcAccording to a recent Vancouver Sun article, the City of Vancouver is planning to allow increased density of four city blocks in the Mount Pleasant industrial zone, which is home to some of the Lower Mainland's most successful tech firms. 
 
Earlier this month, council voted to refer the plan to a public hearing in the new year. If approved, the move would allow higher office buildings in the four blocks facing Quebec Street from East 2nd Avenue to East 6th Avenue to accommodate companies in the innovation sector.
 
Kent Munro, the city’s Assistant Director of Planning for Midtown, said much of the change reflects the catching-up of municipal zoning to a rapidly evolving industry. 
 
The zoning changes proposed by the city will allow buildings on most of the blocks to keep their I-1 industrial zoning on the ground floor, but to also account for an increase of office/tech-use space on the higher floors.
 
Currently, buildings in the zoning are only allowed to have a floor area double that of the area that the land sits on, with a maximum height of 32.9 metres. Under the new plan, buildings along most of the strip in the proposal would be allowed a floor area five times the parcel size, with some at a maximum height of 45.7 metres.
 
This change would allow many companies to operate in one place, which is currently not the norm right now. Many firms, such as Hootsuite (Vancouver’s largest tech firm), are spread across multiple offices and sites, which can be a challenge for daily operations and future growth.
 
Our team at Marcus & Millichap Vancouver is keeping a close eye on the plans for Mount Plesant’s industrial zone and how it will impact our booming tech sector. For more information or insight, please feel free to contact us to speak with a commercial real estate advisor.
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